egypt's new government is assuming the responsibility and leadership that has long made this country a cornerstone of regional stability and peace. >> we start with nbc's jim macedo in cairo. who what are the details? >> reporter: well, steve, most importantly, starting at 2:00 p.m. as you mentioned israel stops all military action in israel and hamas stops launching rockets on israel and carrying out border attacks on israeli troops but this is the key thing. there is no signed formal agreement here. instead, israel and hamas reached an understanding, a kind of exchange of quiet for quiet. the first phase of a broader agreement. that should be followed by more intense negotiations, those will be anchored and guaranteed we understand by egypt and the united states. to try to resolve the key demands on both sides. of course, for hamas, the lifting of that 6-year-old blockade of gaza. for israel, it's stopping all the weapons smuggling. but neither will happen immediately. at least, however, they have agreed in principle to these demands and the need to work them out. you had a clip of